Minister Hyun also calls on lawmakers to swiftly pass economic bills

Shinhan Financial Group has launched the process to select its next chief to succeed incumbent chairman Han Dong-woo, whose three-year term ends in five months.While Han’s tenure expires in March 2014, market insiders predict he will seek a second term, citing his success in resolving woes in the wake of the group’s internal feud among senior executives in late 2010.Shinhan had suffered a management crisis due to allegations surrounding its top three executives, who eventually resigned.While a n

South Korean stocks closed 0.38 percent higher Wednesday as investors remained anxious over the outcome of the U.S. Federal Reserve's monetary meeting on a stimulus cut, analysts said. The local currency gathered ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.82 points to finish at 2,059.58. Trading volume was light at 258.0 million shares worth 4.06 trillion won (US$3.82 billion) with gainers outnumbering losers 450 to 351. Analysts said the KOSPI

South Korean stocks traded 0.17 percent higher late Wednesday morning, led by gains in tech and financial large caps, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.55 points to 2,055.31 as of 11:20 a.m.Market behemoth Samsung Electronics edged up 0.4 percent, with chip giant SK hynix soaring 2.5 percent. Shinhan Financial Group and Hana Financial Group gained 0.3 percent and 2 percent, respectively. But auto and telecom issues trended lower, with Kia Motors fallin

South Korean stocks turned lower after starting off higher on Wednesday, dented by bearish auto and IT service blue-chips, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) lost 3.12 points, or 0.15 percent, to 2,048.64 in the first 15 minutes of trading. Hyundai Motor, the world's fifth-largest automaker, and its affiliate Hyundai Mobis dropped 1.5 percent and nearly 2 percent each. NAVER, Korea's top Internet portal provider, sank almost 3 percent. The local currency was t

In one out of six marriages in South Korea last year, the bride was older than the groom, data showed Tuesday, implying that the notion of marriage in a country of strict Confucian-based tradition is changing.According to the data compiled by state-run Statistics Korea, 15.6 percent of all married couples had a female older than her male parter last year.It marked a sharp increase from the 11.6 percent tallied in 2002. Couples where the groom was older than the bride, in contrast, came to 68.2 p

The Financial Services Commission is set to approve the investment banking businesses of major brokerage firms here to improve the local financial market.Officials at the FSC said Tuesday that the authorities would unveil the list of approved IB-oriented securities firms later this week.According to market insiders, the list may include KDB Daewoo Securities, Woori Investment & Securities, Samsung Securities, Korea Investment & Securities and Hyundai Securities.Each of the five holds equity capi

The South Korean government again called on the country’s large businesses Tuesday to boost their investment and create more jobs.The call came at a special meeting between Minister of Trade, Industry and Energy Yoon Sang-jick and chief planning officers of the country’s top 30 conglomerates, according to ministry officials.In the meeting, held at a Seoul hotel, Yoon stressed the need to boost investment as a way of revitalizing the economy and creating new jobs.“(The minister) again stressed th

South Korean stocks gained marginally higher Tuesday as investors took a wary approach ahead of the U.S. Federal Reserve's policy-setting meeting, analysts said. The local currency edged up against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.62 points, or 0.18 percent, to close at 2,051.76. Trading volume was light at 303.0 million shares worth 3.56 trillion won ($3.35 billion), but decliners outnumbered gainers 412 to 385. The KOSPI swerved in and out of posi

South Korean stocks snapped earlier losses and traded 0.26 percent higher late Tuesday morning, as steelmakers and chemical firms drove up the main index, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 5.37 points to 2,053.51 as of 11:20 a.m.POSCO, a leading steelmaker, climbed nearly 1 percent, with major chemical producer LG Chem advancing 1.7 percent. But autos declined. Hyundai Motor fell 1.3 percent, and its smaller affiliate Kia Motors slid 1.1 percent. The lo

South Korean stocks opened lower Tuesday ahead of the U.S. Federal Reserve's policy meeting, as they keep a wary eye on whether the Fed will give a signal to start the stimulus cut, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 5.76 points, or 0.28 percent to 2,042.38 in the first 15 minutes of trading. Most shares lost ground across the board, led by financial firms and automakers. Shinhan Financial Group shed 0.75 percent and Hyundai Motor, the world's fifth-large

Local currency could gain further toward W1,000 on QE tapering delays, foreign investments

Economists cast concern over earnings gap among conglomerates

The local securities industry is engaged in controversy as many brokerage houses have overestimated their outlooks for listed companies’ operating performances, elevating the anxiety of non-institutional investors.They overestimated the total earnings of companies on the main and secondary bourses by about 20 percent above the actual outcome on average over three quarters from October 2012 to June 2013, according to data of financial info provider FnGuide.The financial researcher, in partnership